This article will give you an overview of my first trade experience on Loopring.io. Although I will enter the 2nd part of the current Publish0x challenge with this article, I pass on making this article really pretty taking a lot of screenshots. I decided to publish this article as quickly as possible that you can make a decision for yourself if you want to go through the same experience, avoid the mistakes I made to claim the reward of 5$ in LRC that is currently on the table.
My notification window popped up telling me that there is another contest running on publish0x. I followed the link and came across the new official contest post: https://www.publish0x.com/publish0x-contests/300-dollars-in-prizes-my-first-trade-on-loopringio-dex-excha-xxmxow
Bottom line - Publish0x will reward the first 40 users doing a trade on loopring.io with 5$ in LRC. Fair enough. I am keen on trying new things so let's give it a try and see what the experience is like trading on loopring.io and see if we can manage to claim those 5$ in LRC tokens.
So keep in mind, my Metamask wallet is already setup and I have some ETH sitting in there. I will simply focus on the experience with loopring.io - so no detailed guide on how to create a Metamask wallet or deposit Ether in your Metamask wallet.
1) I just followed the link https://loopring.io/ and landed straight on the platform.
2) On the top right, I move the mouse to 'Connect wallet' and a new menu will appear where I click 'Connect wallet'.
Hover your mouse to the button on the top right corner.
Click on Connect Wallet
4) Then I select my MetaMask wallet from here.
5) You will need to confirm the Metamask notification and then I noticed that my ETH address was at the top right corner. The next step is important: You need to register an account. The registration comes with a fee that was 0.0036 Ether for me.
6) Once the registration has been completed and confirmed through the ETH blockchain, we are ready to make a deposit. I decided to deposit ETH so note that each deposit comes with another fee of 0.0001 Ether. The contest said every trade will count so I didn't want to go crazy and had in mind to do a trade of 0.01 ETH. I deposited my 0.01 Ether and had to wait for 30 confirmations on the blockchain before loopring.io acknowledged my deposit.
7) From there I decided to do my trade. When I clicked on a selling position the GUI notified me that the minimum trade value is 0.05 ETH. So I just wasted transaction and deposit fees by sending 0.01 ETH only #FeelsBadMan
8) I did a 2nd deposit of 0.05 Ether to be safe this time. 30 confirmations later I had my new deposit registered by loopring.io - so I have now a total of 0.06 sitting in my loopring.io account.
9) I selected the market for ETH-LRC and bought the maximum amount of LRC for my 0.06 ETH - approx 350 LRC tokens.
10) I was able to spot my trade in my order history straight away, took a screenshot and uploaded it to imgur (free image file hosting platform).
11) Just for the sake of the experience, I traded my LRC back to ETH and started a withdrawal process back to my Metamask wallet. For each withdrawal request, loopring.io will charge 0.002 Ether.
So I confirmed the withdrawal request, paid the withdrawal fee plus the gas fee and since then I am still waiting for my ETH being processed. By clicking on the history of my withdrawals a little notification let me know that they do their payments in batches and it can take up to 12 hours (!) to receive a withdrawal.
To sum up my experience I refer to Etherscan:
*Update* I just received the withdrawal payment about 40 minutes later:
So let us put together the facts:
- I did a deposit of 0.06 Ether and by trading ETH to LRC and LRC back to ETH I lost 0.00047159 Ether (~0.082765 $USD).
- I paid a total of 0.0057 Ether (~1.00 $USD) in fees to loopring.io
- I paid a total of 0.0042954839 Ether (~ 0,753482 $USD) in gas transaction fees.
So by qualifying for the 5$ in LRC that will give me a little bit more than 3$ for this exercise.
Now it is up to you if you like to do the same and be one of the first 40 participants doing the first trade on loopring.io - hopefully, this articles helps you to make a decision.
Stay safe!
Resources
1) https://twitter.com/bitcoin_delight
2) https://brave.com/bit869
